Japan Agrees with U.S. on Trade Negotiations, Escapes Fresh Auto Tariffs for Now
Newsfrom JapanPolitics Economy
New York, Sept. 26 (Jiji Press)--Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump agreed on Wednesday to start negotiations on a new pact to expand bilateral goods trade.
In making the decision to initiate the bargaining process for concluding a trade agreement on goods, or TAG, during their 75-minute meeting at a New York hotel, the leaders affirmed that additional U.S. tariffs will not be slapped on Japanese automobiles during the process.
At a press conference after the Japan-U.S. summit, Abe said he confirmed with Trump that the United States will withhold the car tariff implementation while the negotiations, which will chiefly cover Japanese tariffs on U.S. farm products, are under way.
To escape the additional import duties for the time being, Japan reluctantly accepted a U.S. request to launch bilateral tariff negotiations, informed sources said.
On the Japanese tariff issue, the prime minister noted that Washington will respect Tokyo's stance of not making concessions beyond commitments it has made to conclude economic cooperation pacts with other economies.
[Copyright The Jiji Press, Ltd.]